Baku, Azerbaijan, Oct. 15
By Azad Hasanli - Trend:
The Anglo-Asian Mining PLC (AAM), gold producer in Azerbaijan, produced 54,103 ounces of gold in January-September 2015, which is 25 percent more than in the same period of last year.
AAM plans to produce 70,000-75,000 ounces of gold by late 2015, the company said.
The company produced 17,206 ounces of gold in the first quarter of 2015, 18,745 ounces of gold in the second quarter and 18,165 ounces of gold in the third quarter.
The company produced 634 metric tons of copper by SART method for the first nine months of 2015 (182 metric tons - in the first quarter, 236 metric tons - in the second quarter, 216 metric tons - in the third quarter).
The silver production by the company in January-September 2015 totaled 10,916 ounces, of which 1,950 ounces were produced in the first quarter, 4,527 ounces - in the second quarter, 4,439 ounces - in the third quarter.
AAM sold 48,165 ounces of gold at an average price of $ 1,179 per ounce in January-September 2015 (17,206 ounces of gold in the first quarter, 16,088 ounces of gold in the second quarter, 14,871 ounces of gold in the third quarter).
Some 1,152 dry metric tons of copper concentrate were supplied during this period (272 metric tons - in the first quarter, 420 metric tons - in the second quarter, 460 metric tons - in the third quarter).
The company's net debt as of September 30, 2015 amounted to $ 51 million ($48.9 million as of June 30, 2015).
The company owes some $29.6 million to Amsterdam Trade Bank, $12.8 million - International Bank of Azerbaijan, $0.8 million - Atlas Copco, $0.9 million - Yapi Kredi, $3.7 million - PASHA Bank, $3.9 million - Reza Vaziri.
Based on the production sharing agreement (PSA) signed with Azerbaijani government in August 1997, Anglo Asian Mining PLC has the right to develop six fields in south-west of Azerbaijan: 'Gadabay', 'Ordubad', 'Gosha Bulag', 'Gizil Bulag', 'Vejnali' and 'Soyutlu'.
AAM and Swiss Industrial Minerals SA signed an agreement in May 2014 on selling cooper concentrate produced at Gadabay field.
The contract signed for the period of three years envisages the purchase of copper concentrate by the Swiss company.
Industrial Minerals will purchase both dry and wet copper concentrate.
The gold produced at the fields is sent to Switzerland for purification. The ingots are delivered to Azerbaijan and stored in the government's account.
Edited by CN